US Based BlackRock to Invest $1 Billion In Big Battery Projects In Australia

Highlights :

  • BlackRock is making its first investment in the battery storage segment for the first time through its Climate Infrastructure Business in Asia-Pacific.
  • Its buying Akaysha Energy which has nine battery storage projects attached to Australia’s main grid.

In what could prove to be a shot in the arm for the Australian energy storage industry, American investment conglomerate BlackRock has said that it looks to invest $1 billion in big energy battery projects in Australia. The company has agreed to acquire Australian company Akaysha Energy, which has nine projects attached to Australia’s main grid.

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BlackRock is making its first investment in the battery storage segment for through its Climate Infrastructure Business in Asia-Pacific. This is also its largest anywhere in the world.

Akaysha Energy’s Portfolio

Akaysha Energy is comparatively a new entity established in 2021 by former executives of Tesla, Macquarie and Engie. The company will also develop renewables and green hydrogen projects in near future.

As far as Akaysha Energy’s portfolio is concerned, the company has its most advanced project called Ulinda Park battery in the Western Downs region of Queensland of 150MW. There are two other battery projects being developed with partners.

The Big Battery Project

BlackRock said that Akaysha has its biggest project in the form of 1600MWh Orana big battery in NSW that can store energy for up to eight hours. The company also has a big battery at the Palmerston substation based in Tasmania state which is also the first big battery infrastructure in the island province. The company is yet to announce many of its battery storage projects.

BlackRock has stated that battery storage worth multiple GW will be required to fulfill the federal government’s target of 82 per cent renewables by the end of this decade.

Charlie Reid, Co-Head, Climate Infrastructure, BlackRock Asia-Pacific, mentioned that the company is targeting Asian markets, which represent a $400 billion opportunity. BlackRock has already planned an investment of $1 billion for Australia only.

Charlie Reid said, “As renewable energy infrastructure continues to mature in Australia, investment is required in battery storage assets to ensure the resilience and reliability of the grid, especially with the continued earlier-than-expected retirement of coal-fired power stations.”

“For our clients, we see tremendous long-term growth potential in the development of advanced battery storage assets across Australia and in other Asia-Pacific markets and look forward to working with Akaysha to ensure an orderly transition to a cleaner and secure energy future,” added the BlackRock official.

 “The Asia Pacific region is at the dawn of its energy transition from carbon emitting fossil fuels to intermittent renewable resources and we believe a successful shift to a more sustainable energy future is dependent on the use of large-scale battery storage,” said Akaysha Managing Director Nick Carter.

“By tapping into BlackRock’s global capabilities and track record in climate infrastructure, we’re excited to fulfil our ambitions in accelerating the installation of utility-scale energy storage technologies that will mitigate the variability of renewable generation and deliver grid reliability and resilience to power systems.”

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